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posted by admin on Apr 30

There have been so many reports confirming the distressing state of the finances of Social Security and so many members by now are wondering if they can really get the benefits that are due to them when their time to claim for such benefits arises.
In spite of the financial crisis that the Social Security is facing today, the Social Security Administration is confident that it can pay all benefits that are due to their members. They assured further that there would be no cuts on the benefits to be received by the current retirees but rather there would be a yearly increase on the benefits due to cope with inflation.
There are also so many reforms planned to be implemented in Social Security including those set forth by the President’s Commission that would further strengthen Social Security. The reforms are also set to ensure that scheduled benefits, including cost of living increases for would-be retirees. Moreover, the reforms will not reduce the benefits of currently disabled Social Security members as well as disabled beneficiaries.
However, in spite of all the reforms to be made in the Social Security Administration there is still the present problem in terms of finances since there is a foreseen 26% reduction in the benefits to be given for future Social Security retirees and unless the social security administration does something to diminish such problem then there would be an expected continuous reduction every year in the scheduled benefits.
The Social Security although offering retirement benefits should never be considered as a sole source of income in retirement. It is much better to have other retirement plans to further ensure that you leave comfortably when you retire. Besides having Social Security as a sole income retirement option is like sitting on a one legged chair and that does not imply stability. It’s always wise to have other options in case the Social Security Retirement benefit cannot fully suffice the entire needs of the retired member.
But just how the Social Security gets its funds? The fund of the Social Security is procured by means of the payment of the tax payers who are paying for their own benefits. The fund contributed by these tax payers is the one utilized for the payment of present benefits like payment for the retirement income of retiring members. However the excess in the fund is invested in a special-issue treasury bonds. And this is how the Social security earns additional funding for the next recipients of social security benefits.

by Jinky C. Mesias

posted by admin on Apr 30

SOCIAL SECURITY BENEFITS
Social Security members who were born before the year 1938 are qualified to full social security retirement benefits which will be given when they reach the age of 65. However, for those who just applied for their Social Security in the year 2003, the required age for full retirement benefits will increase to 67. The increase to be implemented is gradual just take for example those members born in 1940 they may be able to get their full retirement benefits when they attained the age of 65 and 6 months. For those members born in 1950 they can get their full retirement benefits at the age of 66 and for those born in 1960 onwards, their full retirement benefits will be given to them at the age of 67.
Social Security also offers early retirement benefits however at a reduced retirement amount. The early retirement is available at age 62 of members. The disadvantage of taking an early retirement benefit is that the monthly benefit is permanently reduced. On the contrary, members who take the early retirement option will be able to receive their benefits for a much longer period of time.
For those who tend to work beyond the full retirement option, the extra income they earn during those extra working years will increase their average income and will likewise increase their monthly retirement benefits. And another advantage for not applying for early retirement is that there are no earning limit for people ages 65 or older.
SOCIAL SECURITY DISABILITY BENEFITS
In order to qualify for social security benefits, members applying must be suffering from a physical or mental impairment that is keeping him or her from doing any important work for at least a year. Another consideration is that the disability condition is anticipated to result in the death of the disabled member.
Disabled members are expected to file their disability claim the soonest time possible since disability claims really takes a long time to process. In most cases the monthly disability benefit if approved begins on the sixth month of the disability.
The Social Security Disability Benefits is reduced when members have other government disability benefits. The standard rule for the amount of disability payments that a member or his/her family is supposed to receive must not exceed 80% of the averaged earning before a member becomes disabled.
The Social Security Benefits is given until the member’s condition improves and returns to work. However, if ever the member didn’t recover from his or her disability the disability benefit continues as well as the Medicare benefit.

by Jinky C. Mesias

posted by admin on Apr 30

Social Security members who were born before the year 1938 are qualified to full social security retirement benefits which will be given when they reach the age of 65. However, for those who just applied for their Social Security in the year 2003, the required age for full retirement benefits will increase to 67. The increase to be implemented is gradual just take for example those members born in 1940 they may be able to get their full retirement benefits when they attained the age of 65 and 6 months. For those members born in 1950 they can get their full retirement benefits at the age of 66 and for those born in 1960 onwards, their full retirement benefits will be given to them at the age of 67.
Social Security also offers early retirement benefits however at a reduced retirement amount. The early retirement is available at age 62 of members. The disadvantage of taking an early retirement benefit is that the monthly benefit is permanently reduced. On the contrary, members who take the early retirement option will be able to receive their benefits for a much longer period of time.
For those who tend to work beyond the full retirement option, the extra income they earn during those extra working years will increase their average income and will likewise increase their monthly retirement benefits. And another advantage for not applying for early retirement is that there are no earning limit for people ages 65 or older.
SOCIAL SECURITY DISABILITY BENEFITS
In order to qualify for social security benefits, members applying must be suffering from a physical or mental impairment that is keeping him or her from doing any important work for at least a year. Another consideration is that the disability condition is anticipated to result in the death of the disabled member.
Disabled members are expected to file their disability claim the soonest time possible since disability claims really takes a long time to process. In most cases the monthly disability benefit if approved begins on the sixth month of the disability.
The Social Security Disability Benefits is reduced when members have other government disability benefits. The standard rule for the amount of disability payments that a member or his/her family is supposed to receive must not exceed 80% of the averaged earning before a member becomes disabled.
The Social Security Benefits is given until the member’s condition improves and returns to work. However, if ever the member didn’t recover from his or her disability the disability benefit continues as well as the Medicare benefit.

by Jinky C. Mesias

posted by admin on Apr 29

Personal injury claims can be settled within 2 months, if you know how. If you make an effort with the accident solicitor, then you never know, you might also have a record breaking settlement.
Over the years, people have started wondering, if anything said by a salesperson is true. Settling an accident compensation claim within ‘x’ amount of days, weeks, months or years. But as time goes by, you have plenty of reasons to be frustrated!
It’s not your fault, falling for their tricks. They’re salespeople, that’s what they do for a living. Some are honest, tricksters and some of the combination. But the ones that have deceived you, what can you possibly do to them now?
You’re right, you can’t do absolutely anything at all. Why? You’re never going to see them ever again. The have either left the company or moved to another department. Pitches like “we’ll finish your compensation claim with 4 months!” I mean, come on…
The Timescale
Each accident claim is unique. Do you think, the accident that happened on the news yesterday is the same as yours? I doubt it. If a case was settled yesterday for a 5 figure sum, what are your initial thoughts? THE FIVE FIGURE SUM! ‘Oh, that was a good payout.’
Do you know how long that claim took, who the third party was, who the insurers were? I guess not! But the money factor always catches a person’s interest.
A compensation claim should be made on the basis of ‘your injury’. Not on the money factor. Treat it as something unfortunate happening to you and allow the accident compensation solicitors deal with it.
Don’t treat it as a wager or an additional income and never, never, never put a timescale on it! The minute you put a timescale on it, if it’s not achieved then you are only going to be more frustrated. You’ll be chasing the solicitor, every week, only to hear that they are waiting for the other side insurers to respond.
There are various factors that can slow down the process for settlement of your personal injury claim.
The Accident
Between yourself and the solicitor, you need to gather all relevant information regarding the accident. The when, how and where, which does, itself take a lot of time, money and effort.
The Medical
Medical consultants also take time off from work, so this can also delay the process. Also when you visit a medical consultant, you could get a good grilling into every detail of your accident and injury. You may also not be satisfied with their report and probably would want them to re-assess it, which in effect takes more time.
The Other Side Insurers
They require a full medical examination of your injuries, including your medical history. Then on this basis they can conclude on a settlement figure.
So before you make a claim for compensation, bear in mind that the timescale varies from case to case. Now for one minute don’t think that your claim will get settle in weeks, months or years, until you have spoken to an accident compensation solicitor. Once he/she gathers the information or evidence, then they’ll be able to give you a more reasonable timescale. However, this is also approximate, as they don’t control the other party insurers.
If they do mention it will take 3 months then you should look at a maximum of 4 months. It does happen, that claims can get settled in 2 months, if it’s straight forward. All the relevant paperwork is in order and the other side has admitted liability. In order to reduce long legal battle, expenses, time and effort, they know they’re in the wrong, so it’s best to settle early. On the other hand, how would a solicitor make those estimates if you don’t speak to them?
The Payout
Money is sometimes a motivating factor as it does help and contribute to some of your disrupted life activities. But don’t rush the accident solicitor to settle the claim quicker.
There are other ‘factors’ that, if a claim lasts longer, the more you get paid. This could possibly be true to a certain extent.
So in conclusion, do claim for your personal injury or accident and be patient as there is no real law to settle a case quicker just because you, the injured, need the money urgently.

by Mumtaz Shah